Unabsorbed depreciaton can be setoff from salary??
This query is : Resolved
CA Balram Sharma
(Querist)
24 October 2009
ACCORDING TO SECTION 32(2) UN ABSORBED DEPRECATION CAN BE SET OFF FROM ANY HEAD, IS IT'S POSSIBLE TO SETOFF UNABSORBED DEPRECIATION FORM SALARY HEAD?
IF NOT THAN WHY?
PLEASE REFER THE SECTION ALSO
IF NOT THAN WHY?
PLEASE REFER THE SECTION ALSO
Aditya Maheshwari
(Expert)
24 October 2009
No
71. Set off of loss from one head against income from another.
[(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head “Profits and gains of business or profession†is a loss and the assessee has income assessable under the head “Salariesâ€, the assessee shall not be entitled to have such loss set off against such income.]
71. Set off of loss from one head against income from another.
[(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head “Profits and gains of business or profession†is a loss and the assessee has income assessable under the head “Salariesâ€, the assessee shall not be entitled to have such loss set off against such income.]
Jagdish Bhalia
(Expert)
24 October 2009
Yes Unabsorbed Depreciation can be set off against the head of Salary. Unabsorbed depreciation is not a business loss and can be set off against any head of Income without any time limit.
CA Balram Sharma
(Querist)
27 October 2009
PLEASE ANS WITH PROPER REASONING , PLEASE REFER THE SECTION ALSO
PLEASE ANS WITH PROPER REASONING , PLEASE REFER THE SECTION ALSO
CA Balram Sharma
(Querist)
28 October 2009
no
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